Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
A pressing issue facing today’s young adults revolves around housing affordability. Many find themselves struggling to enter the housing market, as mounting statistics highlight this challenge. According to the National Association of Realtors, young adults are experiencing delays in homeownership compared to earlier generations. Research shows that the homeownership rate for individuals under 35 today is significantly lower than it was for past generations at the same age. Furthermore, the share of first-time buyers is almost at a historic low, with first-time buyers now entering the market at an older age than usual.
While many experts suggest that increasing the housing supply is a crucial step to alleviate affordability woes, there may be another solution worth exploring: marriage.
Marriage Rates and Housing Costs
One notable trend is that high housing costs seem to coincide with a significant decline in marriage rates. Data from the Institute of Family Studies reveals that just 60% of 35-year-old men are currently married, a sharp decline from 90% in 1980. Furthermore, only 20% of 25-year-old women and 23% of 25-year-old men have ever been married, indicating one of the lowest marriage rates recorded.
This decline in marriage carries important implications for housing affordability.
The Financial Benefits of Marriage
Critically, marriage provides significant financial benefits that can aid in purchasing a home. Two incomes typically offer a stronger foundation for saving towards a down payment and managing monthly mortgage costs. Couples pooling their resources and financial aspirations can enhance their buying power, reflecting an outdated assumption about the advantages of marriage.
Brad Wilcox from the Institute of Family Studies refers to this concept as
